Not everybody, even among the wealthy, is necessarily interested in creating an estate planning. According to a recent survey by U.S. Trust which examined 457 wealthy persons, many from the baby boomer generation are not all that interested in having control of their assets after they die. Less than half of those with at least $3 million in investments expressed interest in leaving an inheritance.
In our last post we began looking at charitable remainder trusts and their usefulness in the context of estate planning. Charitable remainder trusts can allow a person to reduce both estate and capital gains tax.
Charitable remainder trusts (CRTs) are an excellent tool to reduce taxes in both retirement and estate planning.
In our last few posts, we discussed some methods and tools that can be used by individuals that want to pass their wealth on to others while minimizing tax consequences and protecting the value of their assets. In this post, we will conclude that discussion by talking about a few other estate planning and asset protection strategies.
In our last post, we discussed some of the basics about making gifts as part of your estate plan. In this post, we will discuss a couple of other estate planning tools that can also be used to help you distribute and protect your assets while minimizing the tax consequences.
Over the past five years, a Texas probate judge has approved close to $450,000 in legal fees for a court-appointed guardian and attorney in a case involving the well-being of a 52-year-old disabled man. That money has and will continue to come out of assets left behind by the man's adopted mother.
Near the end of last week, we took a look at some common estate planning questions (courtesy of Tara Siegel Bernard at The New York Times) related to the creation of a will. The most important part of estate planning, whether you are creating a will or advance care directive, is knowing what it is that you want to do with your assets.
At this point, it seems doubtful that the clouds will be breaking for our troubled American economy anytime soon. When there's a storm, sometimes the best thing to do is to hole up with a book and wait the rain out before making plans.
When considering the creation of a trust for the purpose of protecting retirement savings (IRAs) and passing them down to children and loved ones, there are several things to consider and a few stumbling blocks that can get in the way. Still, with the help of an experienced estate planning attorney, you can do a lot to ensure that an IRA will be around for a long time to come.
First things first - a trust is a very specific relationship in which one individual, the settlor, who entrusts the management of property and/or additional assets to another individual, known as the trustee.